Steinour will remain CEO and president of the bank… In this Jan. 28, 2019 file photo, a TCF Bank sign is shown in Eastpointe, Mich. The merger is projected to have an estimated cost savings of approximately $490 million or 37% of TCF’s non-interest expense, according to sources. "We’ve been well served by the nature of the economics around the in-store branches, but there is a changing distribution, frankly, a thinning of distribution as we move forward," Huntington bank Chairman and CEO Stephen Steinour said in the call. Huntington Bancshares Inc. (NASDAQ: HBAN) and TCF Financial Corp. (NASDAQ: TCF) on Sunday announced that the two regional banks will merge in a … Steinour said he has known TCF Chairman Gary Torgow for years. A major merger between Ohio-based Huntington Bank and TCF National Bank has just been announced. We believe that we will be stronger together and that this combination will benefit you. Huntington intends to keep a significant presence in Detroit after the merger and put its commercial banking headquarters in a new 20-story downtown office tower under construction at 2047 Woodward. Follow him on Twitter @jcreindl. According to its website, TCF will continue to operate separately until shareholders and regulators approve the merger, which is expected in 2021. TCF's merger into Huntington was announced in December and is expected to close in the second quarter. (Reuters) - Huntington Bancshares Inc has agreed to buy TCF Financial Corp for $6 billion in stock, marking the latest tie-up among U.S. regional lenders seeking scale. Overall, the Huntington-TFC bank merger is expected to result in $490 million in cost savings or "synergies," including an unspecified number of layoffs plus money savings from branch closures. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. A TCF representative declined comment and Meijer did not respond to a comment request. It's unclear if any current TCF branches will close following the completion of the merger. The all-stock merger, which will increase Huntington’s market value to $22 billion, was announced late Sunday night and is expected to be completed by “late in the second quarter” of 2021, Steinour says. The Chemical Bank comes to an end under Thursday's merger with TCF Bank. Huntington has 839 branches and 1,300 ATMs in Ohio, Michigan, Pennsylvania, Indiana, Illinois, West Virginia and Kentucky. TCF customers can continue to use current TCF banking centers, ATMs, checks, cards and online banking. He said Torgow first suggested the merger over the summer. The deal values TCF at $6 billion, 11% above the level at which the bank's stock closed Friday. TCF Bank's deal to be merged into Huntington Bank marks the 14th merger that Torgow has had a hand in engineering since buying a small Troy-based bank … "TCF is joining Huntington to create a top 10 U.S. regional bank that is better positioned to create value for you," read an announcement on the TCF website. The branch closures are separate from Huntington's tentative plan to shed about $450 million in current TCF and Huntington customer deposits, a move called a "deposit divestiture," to help ease antitrust concerns about the merger. Huntington Bancshares is merging with TCF Financial in a $22 billion deal that will result in the development of one of the top 10 U.S. regional banks. Huntington's chief executive explained the branch closures late last week in an earnings call with Wall Street analysts, saying that a substantial share of the closures would happen in Michigan. Show full articles without "Continue Reading" button for {0} hours. It's currently unclear how the merger and name change will affect naming rights for TCF Bank Stadium in Minneapolis or TCF Center in Detroit. Consumers too? TCF Bank to merge with Detroit-based bank, Citi names Jane Fraser next CEO, the first woman to lead major US bank. The undeveloped piece of property on the corner of Jebavy Drive and U.S. 10 in Pere Marquette Township has sat vacant for years. The now-former Minnesota company combined with Detroit-based Chemical Bank over the weekend. Read more on business and sign up for our business newsletter. "Both companies share an operating philosophy that focuses on our customers and communities. Consumers too? Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. A Huntington representative Tuesday would not say how many of the 198 branch closures will happen in Michigan, but said that all 97 in-store Meijer locations in Michigan will be closed. The merger between TCF and Huntington Bancshares, announced Monday, will bring an additional 1.5 million customers and $48 billion in assets to Huntington. TCF Financial Corporation and Huntington Bancshares Incorporated announced Monday they will combine in an all-stock merger with two headquarters. TCF Bank Stadium kept its name after the bank’s last merger. And, at least for now, it will stay that way. In announcing the merger in December, executive said that a combined bank, with TCF merging into Huntington, would have about $168 billion in assets, $117 billion in loans, and $134 billion in deposits with dual headquarters in Detroit and Columbus. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. TCF … Huntington Bancshares Inc. agreed to merge with TCF Financial Corp. in the latest in a recent string of regional-bank tie-ups. "TCF is … Show full articles without "Continue Reading" button for {0} hours. TCF Bank has announced that it will merge with Huntington, and is expected to change the name of its banking centers and ATMs to the Huntington brand in 2021. Get all the news you need in your inbox each morning. The two banks have a combined 532 branches in Michigan, according to data from the Federal Deposit Insurance Corp. It was previously known as "Twin City Federal.". Two banks with presences in Michigan are merging. Huntington Bank and will close nearly 200 branches ahead of a planned merger with TCF Bank, Huntington confirmed to 7 Action News. Huntington, TCF to close 198 branches for planned merger. The merger of equals in which legacy TCF Financial Corporation merged into Chemical Financial Corporation closed on Aug. 1, 2019, forming Michigan’s largest national bank holding company. More: TCF-Huntington merger could be good for shareholders. This article originally appeared on Detroit Free Press: Huntington, TCF to close 198 branches for planned merger, Like us on Facebook to see similar stories, Man in plot to kidnap Michigan governor to plead guilty, prosecutor says, Sanofi to help produce millions of rival Pfizer's COVID vaccines in Europe. In a statement, TCF said the merger would allow the banks to leverage their combined strengths in ways neither bank could on its own, especially … After the merger, TCF and Huntington will become one bank for purposes of calculating limits on limits on deposit insurance. Chemical Bank … Huntington Bank and TCF Bank agreed to merge Sunday in an all-stock deal to create a regional bank with nearly $168 billion in assets, $117 billion in loans, $134 billion in deposits and $22 billion in market value, the companies said in a press release. By joining up with TCF, Huntington expects to realize $490 million in cost savings and believes the merger will increase earnings by 18% by 2022. Some customers reported Monday that they could … For more … The banks will operate under the Huntington name and will have two headquarters for different operations. The merger means that another Michigan-based bank will go by the wayside. Huntington Bancshares Inc HBAN 0.8% and TCF Financial Corporation TCF 0.93% announced late Sunday the two banks have agreed to merge in an all-stock deal. By HANNAH HUBBARD Daily News Staff Writer 6 min ago TCF Bank halted its plans to construct a building at 5646 West U.S. 10 after it announced a merger with Huntington National Bank in December. Detroit-based TCF Financial Corp. will merge into Huntington Bancshares Inc. in a $22 billion all-stock merger that creates one of the largest regional banks … "As we’ve seen over the past year with the pandemic, more and more home goods delivered, including groceries. TCF has around 475 branches in Minnesota, Michigan, Illinois, Colorado, Ohio, South Dakota and Wisconsin. The merger is expected to close in the second quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company. The newly enlarged Huntington would have a $22 billion market value, be a top-10 regional bank and rank as the second biggest bank in Michigan by deposits, behind JPMorgan Chase. However, the FDIC has a special rule that allows a customer's deposits to be considered as separately insured when two banks merge — as if the two banks are still operating separately — for at least six months and possibly longer for certificates of deposit (CDs). I was surprised to see this merger, since TCF just got done merging with Chemical bank. The planned merger of Detroit-based TCF Financial Corp. into Huntington Bancshares of Columbus, Ohio, will result in 198 branch closures, including 97 branches that are inside Meijer stores. The merger makes sense, though, given their overlapping footprints and their complementing business lines. 10 new Detroit developments that COVID-19 pandemic couldn't cancel. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. The acquisition by Huntington Bancshares comes nearly two years after TCF Financial, which had been based in Wayzata, and Michigan-based Chemical Bank announced a $3.6 billion merger. Connect with friends faster than ever with the new Facebook app. Contact JC Reindl at 313-222-6631 or jcreindl@freepress.com. TCF-Huntington merger could be good for shareholders. TCF Bank has announced that it will merge with Huntington, and is expected to change the name of its banking centers and ATMs to the Huntington brand in 2021. Start the day smarter. According to the Detroit Free Press, the deal is expected to close in the second quarter. We look forward to sharing even more with you about this exciting partnership as time goes on.". Dec 13 (Reuters) - U.S. lender Huntington Bancshares Inc HBAN.O was nearing a deal to merge with TCF Financial Corp TCF.O, the Wall Street Journal reported on … RELATED: Citi names Jane Fraser next CEO, the first woman to lead major US bank, Like us on Facebook to see similar stories, Videos show Florida school resource officer slam student to concrete, Sarah Huckabee Sanders bets Trump's culture wars will help make her Arkansas' next governor. MINNEAPOLIS (WCCO) — TCF Bank says it’s investigating why some debit cards aren’t working. TCF Bank has announced that it will merge with Huntington, and is expected to change the name of its banking centers and ATMs to the Huntington brand in 2021. On Monday, it was announced Huntington Bancshares Inc. is combining the two companies together to create a top 10 U.S. regional bank under the Huntington name. (CBS DETROIT) – Detroit-based TCF Financial Corp. will merge into Huntington Bancshares Inc. as part of a $22 billion deal. © Provided by KARE-TV Minneapolis-St. Paul. The Huntington brand will survive, while the TCF name will disappear. TCF's merger into Huntington was announced in December and is expected to close in the second quarter. More: 10 new Detroit developments that COVID-19 pandemic couldn't cancel. "These consolidations are not driven by the performance of our Meijer in-store locations and are based solely on market overlap," the spokesperson said. The major banking news comes nearly two years after TCF Financial, which had been based in Wayzata, Minnesota, and the Michigan-based Chemical Bank announced a $3.6 billion deal. This is the second merger for TCF in recent years; the banking company merged with Detroit-based Chemical Financial Corp. in 2019. The tower is expected to open in mid-2022. Following that merger, the combined company kept the TCF name, but moved its headquarters out of its namesake Twin Cities to Chemical's headquarters in Detroit. The name "TCF" is on track to disappear from the Twin Cities after nearly a century in the business of money. RELATED: TCF Bank to merge with Detroit-based bank. Huntington was founded in 1866, and is currently headquartered in Columbus, Ohio. And so store traffic, while the volumes are up, the revenues are up, traffic is down and preference for doing banking activities in the in-stores is changing a bit.". Operating under the Huntington name, the bank would become a top 10 regional bank in the U.S.